The Real Cost of a High Employee Turnover

IT IS ESTIMATED THAT STAFF IT TAKES UP TO 8 MONTHS FOR THE AVERAGE FEE FOR TURNOVER COSTS BRITISH A NEW EMPLOYEE TO REACH REPLACINGA TEAM MEMBER IS COMPANIES OVER £4B PER OPTIMUM PRODUCTIVITY £30,000** YEAR* LEVELS "BASED ON FIGURES FROM OXFORD ECONOMICS ** INIM AND INCOME PROTECTION AND INCOME PROTECTION PROVIDERS RECRUITERS INTERVIEWING COSTS: • Job Advertising • Agency Fees • New Employee Paperwork • Look Through Resumes • Conduct Formal Interviews • Time = Money OVERWORKED REMAINING STAFF NEGATIVE EMPLOYER IMAGE • Co-workers will pick up • A High Turnover Can the remaining work Often Mean a Poor Will they be Company Image • That you Aren't overstretched? THE REAL COST • Will their quality of work Rewarding Work OF A HIGH decrease? • Aren't Paying Well EMPLOYEE TURNOVER LOWERED PRODUCTIVITY Enough • Lots of Assumptions • Exisiting workers wont be able to get as much done as they are taking on EMPLOYEE LEAVING/FIRED • There Could Be Many more jobs Different Reasons For This • New employees wont be quick until fully trained LOST KNOWLEDGE • Contacts/numbers/emails • Passwords/Location of Information • Efficient Procedures • General Company Knowledge TRAINING COSTS • Paid Training Courses • Training from Other Members of Staff • Takes 8 Months to be fully trained www.360degreeit.com